Filed October 21, 2021 (most recent of 3 filings on file)
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| Provider | Service type | Compensation |
|---|---|---|
ALERUS FINANCIAL, N.A.11+ years Filed as: ALERUS FINANCIAL N.A. Service code 15 · EIN 45-6062081 | Recordkeeping | $69,357 |
Employer contribution per participant is in the bottom quintile of the peer cohort.
Form 5500 reported a failure to timely transmit participant contributions (Schedule H line 4a).
The auditor signed off without reservation. This is the cleanest opinion.
| Metric | This plan | Peer set | Industry | Size |
|---|---|---|---|---|
| Avg account balance | $76,490 | $108,719-29.6% | $101,326-24.5% | $85,563-10.6% |
| Participation rate | 96.9% | 80.9%+16.0pp | 81.5%+15.4pp | 66.0%+30.9pp |
| Annual return | 16.54% | 20.95%-4.4pp | 36.82%-20.3pp | 31.51%-15.0pp |
| Employer contribution / active EE | $108 | $3,114-96.5% | $3,665-97.1% | $2,654-95.9% |
| Participant deferral / active EE | $5,923 | $8,545-30.7% | $7,994-25.9% | $4,375+35.4% |
| Admin fee / account holder | $181 | $685-73.5% | $11,185-98.4% | $834-78.3% |